“Trim Notices & Property Taxes-What to Expect”

At the end of August every year, while most of us are gearing up for football season, County property appraisers across the state are sending out TRIM notices. The TRIM (Truth in Millage) notice or Notice of Proposed Property Taxes is the document that provides a home owner with the updated assessed value (the taxable value) of their home as well as the proposed millage rates and taxes that are being considered. Ultimately the total you will pay in taxes when you receive the tax bill will be dependent on those two figures – the millage rate (once it is fixed for the year) and the assessed value of your home.

Section K of the FAR/BAR Contracts deals with pro-rations and credits and states:

Taxes shall be prorated based on current year’s tax. If Closing occurs on a date when current year’s millage is not fixed but current year’s assessment is available, taxes will be prorated based upon such assessment and prior year’s millage.  If current year’s assessment is not available, then taxes will be prorated on prior year’s tax.

Therefore, at this point in the year where the assessed value for 2019 is available and until this year’s tax bill is available in October or November, taxes should be calculated based on the assessed value on the TRIM notice and last year’s millage rate to provide the most current calculation for both the buyer and seller.

What happens when you receive the notice and your assessed value is much higher than you expected? Every homeowner has the ability to file a petition with the Value Adjustment Board for your County and Florida law requires that a homeowner file the application on or before the 25th day following the mailing of the TRIM notice. In Sarasota County, the deadline is September 10, 2019 and the deadline in Manatee County is September 13, 2019. With this short window for an appeal, if you have any questions about your assessed value, you should contact the property appraiser’s office as well as a real estate attorney to discuss your concerns and then file your petition. Additional information for Sarasota, Manatee and Hillsborough Counties can be found at the links below.

Manatee County: https://www.manateepao.com/dnn/VAB 

Sarasota County: http://www.sarasotaclerk.com/records/board-records/value-adjustment-board 

Hillsborough County: https://www.hillsclerk.com/Additional-Services/Value-Adjustment-Board 

As always, should you have any questions please contact your local real estate attorney for guidance! We hope everyone stays safe this weekend!

Sincerely,

Berlin Patten Ebling, PLLC

Article Authored by Natasha Selvaraj, Esq., nselvaraj@berlinpatten.com

This communication is not intended to establish an attorney client relationship, and to the extent anything contained herein could be construed as legal advice or guidance, you are strongly encouraged to consult with your own attorney before relying upon any information contained herein.

All rights reserved. This copyrighted material may not be re-published without permission. Links are encouraged.

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